Common-Size Income Statement
Quarterly Data
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- Income Statement
- Statement of Comprehensive Income
- Cash Flow Statement
- Analysis of Profitability Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Reportable Segments
- Analysis of Geographic Areas
- Current Ratio since 2005
- Debt to Equity since 2005
- Price to Earnings (P/E) since 2005
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FedEx Corp., common-size consolidated income statement (quarterly data)
Based on: 10-K (reporting date: 2025-05-31), 10-Q (reporting date: 2025-02-28), 10-Q (reporting date: 2024-11-30), 10-Q (reporting date: 2024-08-31), 10-K (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-K (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-K (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-K (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31).
- Revenue and Operating Income Trends
- Revenue remained consistent at 100% across all periods, serving as the baseline for expense and income ratio analysis. Operating income showed volatility but an overall positive trend, starting at 5.73% in August 2019, dipping to a low of 2.35% in February 2020 during early pandemic impact, then rising again to 8.23% by August 2020. Subsequently, it fluctuated between approximately 4.7% and 8.07%, with a general tendency toward stable profitability above 5% in recent quarters.
- Salaries and Employee Benefits
- This expense consistently represented a significant share of revenue, around -35% to -36%, with minor fluctuations. There was a slight reduction observed in mid-2021 to early 2022 (around -32% to -33%), which could indicate temporary workforce optimization, followed by a return to levels near previous averages in later periods.
- Purchased Transportation
- Expenses in purchased transportation were a substantial cost, fluctuating between -22.6% and -26.6% of revenue. A clear decline occurred during May 2021 (-22.6%), the lowest point in the time series, suggesting improved efficiency or reduced outsourcing costs that quarter. After this, the expense ratio mostly stabilized around -24% to -25%.
- Rentals and Landing Fees
- This item remained relatively stable, fluctuating narrowly between approximately -4.8% and -5.4% of revenue. The consistency suggests steady fixed or contractual costs related to facilities and airport fees, unaffected by external factors over the period.
- Depreciation and Amortization
- This cost maintained a fairly steady proportion of revenue, generally ranging from -4.1% to -5.0%, with a slight uptick toward the later periods indicating gradual asset additions or revaluations contributing to increased amortization expense.
- Fuel
- Notable variability was present in fuel costs, starting at about -5.1% in 2019, declining sharply to just under -3% in mid-2020, likely reflecting reduced activity or lower fuel prices during the early pandemic. Subsequently, the ratio increased again, peaking around -7.8% in August 2022, before gradually decreasing in the most recent periods, indicating fluctuating fuel prices and consumption levels.
- Maintenance and Repairs
- Maintenance and repairs costs showed minor fluctuations from about -3.4% to -4.5%. The highest proportion occurred during 2019, with a slight reduction and stabilization around -3.5% to -3.9% post-2020, implying controlled maintenance spending relative to revenue.
- Goodwill and Other Asset Impairment Charges
- Impairments were intermittent and relatively minor, with small negative impacts noted mainly in a few quarters, such as November 2019 (-0.38%), May 2020 (-2.13%), and February 2023 (-0.71%). These indicate occasional asset write-downs impacting profitability in isolated periods.
- Business Optimization Costs
- Business optimization expenses appeared starting from early 2021 at low levels and trending slightly upward in later periods, reaching near -1.48% in November 2024. This suggests ongoing efforts to improve operational efficiency or cost restructuring.
- Other Operating Expenses
- The "Other" category represented a consistent and sizable component, generally around -14% to -16%. This stability implies ongoing expenses not separately classified are a significant and steady portion of costs.
- Total Operating Expenses
- Operating expenses collectively consumed between approximately 91.9% and 97.7% of revenue. They showed some improvement during mid to late 2020, dropping to around -91.8%, likely reflecting cost reductions amid decreased activity. Nonetheless, expenses tended to revert to higher levels, reflecting operational complexity or rising costs.
- Interest and Other Financial Items
- Net interest expense gradually decreased from around -0.8% to approximately -0.4%, indicating improved interest cost management or reduced debt levels. Other retirement plans showed volatility, with significant negative impacts during May 2020 and May 2022 (-3.61% and -4.53%, respectively), but otherwise fluctuated around zero or slightly positive values, suggesting pension or benefit plan valuation changes affecting earnings intermittently.
- Other Income and Expenses
- Items classified as other income or expense exhibited sporadic fluctuations, reflective of non-operating income or one-time events. For example, negative spikes appeared in mid-2020 and mid-2022, while some quarters showed moderate positive contributions.
- Income Before Taxes and Net Income
- Income before income taxes mirrored operating income trends but showed greater volatility, including a notable negative result (-1.84%) in May 2020 linked to one-time adjustments or extraordinary expenses. Tax provisions fluctuated proportionally with pre-tax income but showed some irregular timing of income tax benefits or expenses. Net income followed similar trends to pre-tax income, starting from positive territory, dipping into negative during the early pandemic, and recovering thereafter to mostly positive results fluctuating between approximately 1.8% and 8.3% of revenue. This indicates resilience in profitability despite external shocks.